Mumbai-based Manash Lifestyle Pvt. Ltd, which operates beauty products and services marketplace Purplle.com, has secured funding of ₹56 crore from Belgian private investment firm Verlinvest SA in an extended Series C round.
The funds will be used to strengthen Purplle’s supply chain, innovation and technology capabilities as well as for brand-building, according to a press statement.
Recently, Purplle has raised $30 million in its Series C round led by global investment bank Goldman Sachs. Existing investors IvyCap Ventures, Blume Ventures and JSW Ventures also participated in that transaction.
“We are happy to welcome Verlinvest, a long-term high-quality investor, into the Purplle family. This investment aligns with our intent of creating a sustainable multi-decade enterprise,” said Manish Taneja, founder of Purplle.
Purplle was founded by Taneja, an IIT Delhi alumnus, and Rahul Dash, an IIT Kharagpur and IIM Ahmedabad alumnus, in 2012. The company operates a beauty and personal care e-commerce platform, and has 47,500 stock keeping units (SKUs) across more than 1,000 third-party and own brands.
“We believe consumer preferences are changing rapidly with online penetration in this space and Purplle has great momentum to delight Indian consumers,” said Arjun Anand, Verlinvest’s India head of investments.